Singapore's GIC to invest $387 mln in Indonesian retail firm

Singapore's Minister Mentor Lee Kuan Yew, chairman of the Government of Singapore Investment Corp. (GIC), speaks at GIC's 25th anniversary dinner at a hotel in Singapore in this July 11, 2006 file photo.Reuters

"We are keen to build lasting partnerships with reputable local partners and look forward to a deep relationship with CT Corp, which also has a strong track record for making good investments and share our investment values," Amit Kunal, head of direct investments at GIC said.

The partnership with GIC was a "significant step forward in enabling Trans Retail to expand its store footprint and realise its vision of becoming a leading multi-format retailer," CT Corp Chairman Chairul Tanjung said in a statement.

GIC manages most of the government's financial assets for the long term.